Open Word and answer the following questions. Save the document and print it when you are done. 1. Use Excel’s Solver to find the optimal output and profit for a firm with cost function TC = 2q 2 +...

Open Word and answer the following questions. Save the document and print it when you are done.

1. Use Excel’s Solver to find the optimal output and profit for a firm with cost function TC = 2q²
+ 10q + 50 and P = 40. Take a screen shot of your optimal solution (including output and profits).

2. Use analytical methods to solve the problem in the previous question.

3. For what price range will the firm in questions 1 and 2 shut down? Explain.

4. If fixed costs are higher, will this influence the firm’s shutdown decision? Explain.